PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 09 APR 2024

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08 Apr 2024
WORLD MARKETS
1. All the world Markets are consolidating with a negative bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is up 2.5% at 11.6. However it is till below 12.
2. GIFT Nifty is indicating 70 points uptick at 22730. This amounts to 48800 for Bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has 1560 still as a strong resistance.
2. ICICI bank still has strong resistance at 1090.
3. Reliance has turned bullish and back in the range. 3025 is a strong resistance.
4. Tech stocks are consolidating with a negative bias.
EVENTS
1. There is Inflation expectations of march to be declared in US.
ANALYSIS
1. As expected Bank Nifty took a breather today due to HDFC Bank facing resistance at 1560.
2. However Nifty is up 172 points at 22666.
3. Indices are bullish and buy on dips will be a good strategy.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22620 - 22705 : Any dip to 22620 is a buy.
2. NIFTY OPEN ABOVE 22705 : Any dip to 22650 is a buy.
3.NIFTY OPEN BELOW 22620: Any move above 22670 is a buy.
4.BANK NIFTY OPEN BETWEEN 48500 - 48666 : Any dip to 48550 is a buy.
5.BANK NIFTY OPEN ABOVE 48670 : Any consolidation and break above 22750 is a buy. Any dip to 22580 is a buy.
6.BANK NIFTY OPEN BELOW 48500 : Any consolidation and move above 48600 is a buy.

DISCLAIMER
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ANALYST FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.